Evogene (EVGN) said Monday it has struck a deal for ICL to acquire the majority of activity of its subsidiary, Lavie Bio, which focuses on improving agriculture productivity.

The company said ICL will also acquire its MicroBoost AI for AG platform as part of the agreement.

Evogene said key assets to be transferred to ICL include Lavie Bio's core team, the BDD technology platform, microbial bank and data assets. It expects to close the deal in Q2.

"This transaction reflects Evogene's ongoing strategy to unlock the value of its assets for the benefit of its shareholders," said Chief Executive Ofer Haviv.

The shares shares were up about 20% in recent trading.

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